Are you looking to finance your new home in Anchorage?
Applying for a loan can be one of the most stressful parts of buying a house for a buyer, but it doesn't have to be.
I have a close business relationship with a lot of lending companies in Anchorage, and they've helped me understand a few things that will make the loan application process a breeze.
1 – Organize a list of questions about your loan program
If you find that you do not fully understand the pros and cons of the different programs, be sure you bring a list of questions with you.
It can be a challenge to know the differences between fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of each program.
2 – Determine when to lock
When you lock in an interest rate, it designates that a lender commits to the mortgage interest rates for the loan – usually at the time the loan application is submitted.
By floating the rate, you can lock the rate at any time between the loan application day and at the time of closing. Those who decide to float presume that the interest rates will decline in the near future. Click here to see the outlook for the next 90 days of interest rates.
3 – Decide if you want to pay additional points to reduce your interest rate
When you elect to pay additional points to lower the interest rate of your loan, you will do so by paying for them in cash at closing. Every point is 1 percent of the loan.
Click here to use our points calculator. This tool will help you decide if buying points is right for you.
4 – Compile your paperwork
Getting a loan requires lots of paperwork, so you should spend some time getting your documents together. Click here for a list of normal loan documentation.